Core Viewpoint - 瑞茂通's stock price has shown volatility, with a year-to-date increase of 4.80% but a recent decline over the past five days of 5.29% and 4.68% over the past 20 days [2] Company Overview - 瑞茂通, established on June 25, 1998, and listed on July 3, 1998, is located in Beijing and specializes in coal supply chain management and financial services [2] - The company's revenue composition includes: 48.53% from supply chain management, 39.59% from coal supply chain, 8.95% from non-coal bulk commodities, 2.85% from agricultural product processing, and 0.08% from industrial internet platform services [2] - 瑞茂通 operates within the transportation and logistics sector, specifically in raw material supply chain services, and is associated with concepts such as small-cap, low-price, e-commerce, Belt and Road Initiative, and margin financing [2] Financial Performance - For the first half of 2025, 瑞茂通 reported revenue of 9.464 billion yuan, a year-on-year decrease of 34.16%, and a net profit attributable to shareholders of 56.9417 million yuan, down 64.70% year-on-year [2] - The company has distributed a total of 1.132 billion yuan in dividends since its A-share listing, with 290 million yuan distributed over the past three years [3] Shareholder Information - As of June 30, 2025, 瑞茂通 had 34,300 shareholders, an increase of 32.47% from the previous period, with an average of 31,653 circulating shares per shareholder, a decrease of 24.51% [2] - The seventh largest circulating shareholder is Hong Kong Central Clearing Limited, holding 8.4241 million shares, an increase of 1.2945 million shares from the previous period [3] Market Activity - On September 23, 瑞茂通's stock price fell by 2.18%, trading at 4.48 yuan per share with a total market capitalization of 4.868 billion yuan [1] - The net outflow of main funds was 1.3669 million yuan, with large orders buying 632,100 yuan (5.50% of total) and selling 1.9989 million yuan (17.41% of total) [1]

Core Points - Zhengzhou Ruimaotong Supply Chain Co., Ltd. holds 554,443,265 shares of Ruimaotong Supply Chain Management Co., Ltd., accounting for 51.02% of the total share capital of 1,086,627,464 shares [1] - The total number of pledged shares by Zhengzhou Ruimaotong is 424,400,000, which represents 76.55% of its holdings and 39.06% of the company's total share capital [1] - Zhengzhou Ruimaotong and its concerted parties hold a total of 688,371,836 shares, which is 63.35% of the total share capital, with a cumulative pledge of 544,750,000 shares, accounting for 79.14% of their holdings [1] - The share pledges are intended to provide credit enhancement for bank financing of the company's subsidiaries, which are currently in good operational and financial condition, with no risk of forced liquidation [1] Share Pledge Situation - The recent share pledge involves the release and subsequent re-pledging of shares to support bank financing for the company's subsidiaries [2] - The total number of pledged shares by Zhengzhou Ruimaotong and its concerted parties is detailed, with no involvement in major asset restructuring or performance compensation obligations [2] Future Pledge Details - Zhengzhou Ruimaotong has 163,900,000 shares maturing in the next six months, representing 29.56% of its holdings and 15.08% of the total share capital, with a corresponding financing amount of 1,136,430,000 yuan [3] - In the next year, the total number of pledged shares will be 424,400,000, corresponding to a financing amount of 1,922,428,000 yuan [3] - The pledged shares primarily serve as credit enhancement for bank financing for Zhengzhou Ruimaotong or its subsidiaries, supporting the company's operational capabilities [3] Impact on Company Operations - The share pledge matters do not have a substantial impact on the company's production operations or corporate governance [4]

Group 1 - The company 瑞茂通 announced the release of part of its pledged shares held by 郑州瑞茂通 and 上海豫辉 [1] - 郑州瑞茂通 holds approximately 554 million shares of 瑞茂通, accounting for 51.02% of the total share capital of about 1.08 billion shares [1] - The total number of pledged shares by 郑州瑞茂通 is approximately 424 million, which represents 76.55% of its holdings and 39.06% of the total share capital [1] Group 2 - 郑州瑞茂通 and its concerted actions hold a total of approximately 688 million shares, which is 63.35% of the total share capital [1] - The cumulative pledged shares by 郑州瑞茂通 and its concerted actions amount to about 545 million, representing 79.14% of their total holdings [1] - For the first half of 2025, 瑞茂通's revenue composition is as follows: coal direct transportation and processing sales account for 77.9%, non-coal bulk accounts for 11.02%, agricultural product processing accounts for 10.9%, and industrial internet platform services account for 0.19% [1] Group 3 - The current market capitalization of 瑞茂通 is 5.1 billion [2]

| 证券代码：600180 | 证券简称：瑞茂通 | 公告编号：2025-055 | | | --- | --- | --- | --- | | 债券代码：255290.SH | | 债券简称：24 | 瑞茂 01 | | 债券代码：255553.SH | | 债券简称：24 | 瑞茂 02 | ●郑州瑞茂通和上海豫辉本次股份质押是为了上市公司子公司在银行融资 提供增信担保，目前上市公司子公司经营和资金情况良好，不存在平仓风险。 公司于近日接到郑州瑞茂通和上海豫辉的通知，获悉其所持有公司的部分 股份解除质押及被质押，具体事项如下： | 股东名称 | 郑州瑞茂通 | | --- | --- | | 本次解质股份（股） | 8,000,000 | 瑞茂通供应链管理股份有限公司 关于股东股份解除质押和办理质押的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ●郑州瑞茂通供应链有限公司（以下简称"郑州瑞茂通"或"控股股东"） 持有瑞茂通供应链管理股份有限公司（以下简称"公司"或"上市公司"）的 股份数为554,4 ...

Core Viewpoint - The company has announced its expected external guarantee limits for the year 2025, detailing various guarantee agreements with its subsidiaries and banks to support their business operations [1][6]. Group 1: Basic Situation of Guarantees - The company’s wholly-owned subsidiary, Shanghai Ruimaotong Supply Chain Management Co., Ltd., has signed a guarantee contract with Nanjing Bank Shanghai Branch, providing a joint liability guarantee within a limit of 10 million RMB for HeLuo E-commerce [2]. - Another subsidiary, Hainan Ruimaotong, has a maximum guarantee contract with Hainan Bank Qiongzhong Branch, with a guarantee limit of 54 million RMB [2]. - The company has also signed a maximum guarantee contract with Nansha Haigang Trade Co., Ltd., increasing the guarantee limit from 60 million RMB to 80 million RMB for Jiangsu Jinhui and Zhejiang Hehui, with each receiving a guarantee of up to 40 million RMB [3]. Group 2: Guarantee Adjustments - The company has signed a maximum guarantee contract and a supplementary agreement with Huayuan Luguang Supply Chain Technology (Shanxi) Co., Ltd., providing a total guarantee limit of 120 million RMB for several subsidiaries, with specific adjustments to the guarantee amounts for each [4]. - The adjusted guarantee amounts include 100 million RMB for Henan Ruimaotong Grain and Oil Co., Ltd., and 5 million RMB each for Tianjin Ruimaotong and other subsidiaries [4]. Group 3: Board Opinions and Approval - The company’s board of directors unanimously approved the expected external guarantee limits for 2025, stating that these guarantees are based on actual business needs and strategic deployment for the year [16]. - The board believes that the guarantees will enhance the financing capabilities of its subsidiaries, ensuring stable development and aligning with the interests of all shareholders [16]. Group 4: Cumulative Guarantee Situation - As of the announcement date, the total external guarantees provided by the company and its subsidiaries amount to approximately 1,445.52 million RMB, which is 183.24% of the latest audited net assets [16]. - The guarantees provided to consolidated entities total approximately 1,100.90 million RMB, representing 139.56% of the latest audited net assets [16].

Group 1 - The core point of the news is that Shanghai Yuhui Investment Management Center has pledged 16.6 million shares of Ruimaotong, accounting for 1.53% of the total share capital, indicating potential liquidity issues for the shareholders [1] - As of the announcement date, the shareholder Zhengzhou Ruimaotong Supply Chain Co., Ltd. has pledged a total of 424 million shares, which is 76.55% of its total holdings, while Shanghai Yuhui Investment Management Center has pledged 89.1 million shares, representing 99.79% of its total holdings [1] - The cumulative pledged shares of the top ten shareholders of Ruimaotong account for a significant proportion of their holdings, reflecting a trend of increasing leverage among major shareholders [1] Group 2 - Ruimaotong's financial data for the first half of 2025 shows a main revenue of 9.464 billion yuan, a year-on-year decrease of 34.16%, and a net profit attributable to shareholders of 56.94 million yuan, down 64.7% year-on-year [3] - In Q2 2025, the company reported a single-quarter main revenue of 4.327 billion yuan, a decline of 41.56% year-on-year, and a net profit attributable to shareholders of 22.82 million yuan, down 60.53% year-on-year [3] - The company's debt ratio stands at 72.79%, with investment income of 162 million yuan and financial expenses of 223 million yuan, indicating a challenging financial environment [3]

| 证券代码：600180 | 证券简称：瑞茂通 | 公告编号：2025-053 | | --- | --- | --- | | 债券代码：255290.SH | | 债券简称：24 瑞茂 01 | | 债券代码：255553.SH | | 债券简称：24 瑞茂 02 | 瑞茂通供应链管理股份有限公司 关于公司 2025 年度对外担保额度预计的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 担保对象及基本情况 | | | 被担保人名称 | 和略电子商务（上海）有限公司（以 下简称"和略电商"） | | | | --- | --- | --- | --- | --- | --- | | | | 本次担保金额 | 1,000 | 万元 | | | 担 保 | 对 | | | | | | 象一 | | 实际为其提供的担保余额 | 4,300 | 万元（含本次） | | | | | 是否在前期预计额度内 | 是 | □否 | □不适用：_________ | | | | 本次担保是否有反担保 | □是 | ...

| 证券代码：600180 | 证券简称：瑞茂通 | 公告编号：2025-054 | | --- | --- | --- | | 债券代码：255290.SH | | 债券简称：24 瑞茂 01 | | 债券代码：255553.SH | | 债券简称：24 瑞茂 02 | 瑞茂通供应链管理股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ●郑州瑞茂通供应链有限公司（以下简称"郑州瑞茂通"或"控股股东"） 持有瑞茂通供应链管理股份有限公司（以下简称"公司"或"上市公司"）的 股份数为554,443,265股，占公司总股本1,086,627,464股的51.02%，郑州瑞茂 通累计质押的股份数为424,400,000股，占其持股总数的76.55%，占公司总股本 的39.06%。 ●郑州瑞茂通及其一致行动人上海豫辉投资管理中心（有限合伙）（以下 简称" 上海豫辉"）、万永兴先生、刘轶先生合计持有公司股份数为 688,371,836股，占公司总股本1,086,627,464股的63.35%，郑州瑞茂通及其一 ...

在泰国春武里府工业区瑞茂通集团的现代化加工厂内，20余名经验丰富的本地工人正高效处理来自德 国、西班牙、澳大利亚、日本等国的高品质含杂废铜原料。通过破碎、分选、净化、烘干等工艺，这些 废旧资源被转化为合格的再生铜原料。完成标准化包装后，原料经国际物流抵达中国，在宁波的铜加工 厂里被进一步加工成铜棒、铜线、铜板材等产品，最终制成各种精密铜部件，广泛应用于风电设备、新 能源汽车、航空航天等高精尖领域。 作为战略布局的关键一环，瑞茂通集团于2021年组建再生资源团队，并于2024年在泰国投建再生铜基 地，成功打通了从海外废铜回收、跨境加工到终端销售的全产业链通道。在全球铜资源争夺日益激烈的 背景下，构建自主可控的再生铜产业体系，已成为保障我国关键金属供应链安全的必由之路。 填补我国用铜缺口 在该团队负责人看来，瑞茂通集团将废铜加工基地设立在泰国春武里府工业区，通过海外产能布局可以 实现双重效益：一方面，将初级加工环节转移至原料集散地，可以获取更多的原料供应并减少国际物流 中的金属损耗；另一方面，可以显著降低国内加工环节的能源消耗与碳排放压力。这种"海外预处理 +国内深加工"的产业协同模式，既符合我国"双碳"战略目标 ...

Group 1: Strategic Developments in Recycling Industry - Rui Mei Tong Group has established a comprehensive recycling copper supply chain, including overseas waste copper recovery, cross-border processing, and terminal sales, with a new recycling copper base set to be operational in Thailand by 2024 [2] - The company has adapted to changes in China's waste copper import policies, which now allow the import of compliant recycled copper materials, enhancing its operational capabilities [2][3] - The global competition for copper resources has intensified, with major copper-producing countries facing disruptions, impacting copper supply and pricing [2] Group 2: Environmental and Economic Impact - Recycled copper production consumes only 20% of the energy required for primary copper production and reduces carbon emissions by 65%, aligning with China's carbon neutrality goals [2] - The "14th Five-Year Plan" aims for recycled metal production to account for 30% of total output by 2025, with a target of 4 million tons for recycled copper [2] - Recycled copper offers significant cost advantages over primary copper, driving economic benefits for the industry [2] Group 3: Natural Gas Trading Developments - Tianjin International Oil and Gas Trading Center has launched a new pipeline natural gas trading platform, "PNG Zhou Zhou Purchase," to facilitate market-based bidding for gas resources [3] - This new trading model aggregates gas demand from various regions, allowing companies to secure gas at more competitive prices [3] - The trading center aims to expand its offerings by introducing more oil and gas products in response to market needs [3] Group 4: Electricity Futures Market - There is a growing demand for electricity futures as a risk management tool for renewable energy companies amid increasing price volatility in the electricity market [3][4] - The establishment of a unified national electricity market is creating a solid foundation for the introduction of electricity futures [3] - Experts suggest that renewable energy companies should prepare for participation in the electricity futures market by developing strategies and enhancing risk management capabilities [4][5]